Our free forex signal service trade today is a buy on the USD/CHF pair.
The pair dropped recently but the bias remains bullish. It has slipped lower as the Dollar Index dropped after registering a new higher high. In the short term, the rate could only test and retest the immediate support levels before jumping higher.
Still, the greenback needs a bullish spark to be able to take the lead again. From the technical point of view, the USD/CHF pair signalled that the downside is limited and that it could jump higher.
3 Free Crypto Signals Every Week – Full Technical Analysis
The pair has escaped from the descending pitchfork’s body signalling that the downwards movement is over. Now is retesting the outside sliding line which was seen as a dynamic resistance.
It has found resistance at the weekly R1 (0.9310), so a temporary decline towards the weekly pivot point (0.9270) is natural. Technically, staying above the outside sliding line and making a new higher high could represent a long opportunity.
If you are looking to get into forex day trading, start by reading our guide.
US Consumer Price Index 0.3% Growth Expected
The USD/CHF pair will be driven by the fundamentals today. The US CPI is expected to rise by 0.3% after a 0.3% growth registered in the last reporting period, while the Core CPI may register a 0.2% growth in September versus 0.1% in August.
The FOMC Meeting Minutes could also bring high volatility and could change the sentiment. A hawkish report may boost the DXY. This scenario could push the USD/CHF pair higher.
Read our guide on automated forex trading so in future you never miss a trade
Free forex signals – BUY USD/CHF at 0.9316
Free forex signals entry price and take profit
Order Type: BUY STOP
Entry price: 0.9316
Stop Loss: 0.9264
My Risk: 1%
Risk / Reward Ratio: 1:1.6
Looking to trade forex now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.